Investment Rating - The report suggests focusing on core equipment companies within the industry [5]. Core Insights - Strong policy certainty and strategic benefits are continuously being released, with fusion energy identified as a new economic growth point in the national "14th Five-Year Plan" [4][8]. - The approach towards commercialization is heating up, with significant technological milestones expected to be reached by 2027, particularly with the BEST project, which aims to validate the steady-state operation of burning plasma and the entire power generation process [4][10]. - Global capital is increasingly flowing into the fusion sector, with investment in the private fusion industry nearing €13 billion by November 2025, reflecting a 50% increase in just five months [9]. - The domestic industry is gaining a significant position in global fusion commercialization, supported by both national and local policies [8][9]. Industry Dynamics - The "2026 Fusion Energy Technology and Industry Conference" held in Hefei highlighted key technological breakthroughs in core materials and equipment for projects like BEST and CRAFT [3][8]. - The BEST project aims to complete the world's first compact fusion energy experimental device by 2027, focusing on reducing risks associated with commercial reactor construction [10][11]. - The CRAFT project has achieved significant milestones, nearing 95% completion, and is expected to provide critical support for the development of fusion materials and technologies [18][19]. Global and Domestic Development Trends - The global fusion industry is entering a rapid development phase, with over 50 commercial fusion companies emerging and major tech firms like Microsoft and Google entering the market [9]. - The U.S. and China are becoming the core driving forces in the global fusion industry, with the U.S. relying on private capital and scientific breakthroughs, while China utilizes a state-driven model with broad social capital participation [9]. Project Progress - The BEST project has completed 35% of its overall progress, with 47 out of 119 milestones achieved by the end of 2025 [11]. - The CRAFT project has successfully passed initial performance tests and is advancing towards national acceptance, with significant contributions to the localization of key equipment [19].

| | 9.36 -1.04 -10.00% | | | | 利欧股份 002131 | 立即 交易 | | --- | --- | --- | --- | --- | --- | --- | | | SZSE CNY 9:25:00 休市 查看L2全景 | | | | | | | | | | | 疑似减持受限通 部 / 0 + | | | | 变比 | -100.00% 委差 | -8637114 | | Wind ESG评级 B | | 详情 | | 定五 | 9.40 | 6046 | रेस | 65.96% 120日 | | 143.75% | | 卖四 | 9.39 | 2114 | 5日 | | -5.74% 250日 | 150.45% | | 美三 | 9.38 | 1352 | 20日 | | 84.98% 52周高 | 10.40 | | | 9.37 | 6674 | 60日 | | 81.04% 52周低 | 2.71 | | # | 9.36 | 8620928 | | 2023 | 2024 | 2025Q3 | | | | | EbS | 0.29 | -0.04 | 0.09 ...

Market Overview - The A-share market opened lower with the Shanghai Composite Index down 0.25%, the Shenzhen Component down 0.38%, the ChiNext Index down 0.24%, and the STAR Market Index down 0.29% [2][3] - AI application themes experienced a pullback, with sectors such as ultra-high voltage, humanoid robots, CPO, nuclear fusion, commercial aerospace, and semiconductor concepts showing significant declines [1][3] Company Specifics - Liou Co., Ltd. resumed trading with a limit down, as the company announced the completion of its suspension review, indicating that AI-related business revenue accounts for a small proportion, leading to overheated market sentiment [3][4] - The stock price of Liou Co., Ltd. fell to 9.36 CNY, reflecting a decrease of 10% [4] Commodity Insights - The precious metals sector showed strength against the market trend, with gold stocks in Hong Kong rising, including Zhaojin Mining up 4.35%, Zijin Mining International up 3.21%, and Shandong Gold up 3.07% [4] - International gold prices reached a new historical high, currently above 4800 USD per ounce [4][5]

Market Analysis - The A-share market experienced adjustments with a slight increase in trading volume, indicating a shift from high-valuation growth sectors to value sectors. The Shanghai Composite Index closed down 0.01% at 4113.65 points, while the Shenzhen Component fell 0.97% and the ChiNext Index dropped 1.79% [6][7]. - The real estate sector showed resilience, with the Real Estate II sector leading gains at 1.54%. The Guangzhou Housing Bureau announced plans to stabilize the real estate market, which may attract funds into the previously undervalued real estate sector [7][8]. - Despite market adjustments, there remains a preference for profitable sectors, with some technology sub-sectors, like robotics, showing significant price increases [7][8]. Bond Market - The government bond futures market saw an overall increase, with the 30-year main contract rising by 0.52% to 111.490 yuan. The 10-year contract increased by 0.13% to 108.180 yuan [11]. - The People's Bank of China (PBOC) conducted a 324 billion yuan reverse repurchase operation, indicating a net withdrawal of 34.6 billion yuan for the day. Short-term interest rates, such as the overnight Shibor, rose by 5.50 basis points to 1.3740% [11]. - The January LPR remained stable for the eighth consecutive month, with the one-year LPR at 3% and the five-year LPR at 3.5%. There is potential for future rate cuts, which could support bond market sentiment [11]. Commodity Market - The commodity market showed mixed results, with lithium carbonate prices hitting a ceiling, closing at 160,500 yuan per ton, a 9% increase. This surge is attributed to the government's focus on green transition and energy transformation [11][13]. - Precious metals continued to perform strongly, with silver rising nearly 4% and gold prices reaching new highs. The geopolitical tensions, particularly related to U.S. tariffs on imports from several countries, are driving demand for safe-haven assets [11][13]. Investment Opportunities - Key sectors to watch include AI applications, commercial aerospace, nuclear fusion, quantum technology, brain-computer interfaces, and robotics, all supported by government policies and technological advancements [13][15]. - The consumer sector is expected to benefit from policy-driven consumption upgrades, while brokerage firms may see increased activity as A-share market volumes stabilize around 30 trillion yuan [13][15]. - The precious metals sector is likely to remain strong due to ongoing central bank purchases and expectations of further interest rate cuts by the Federal Reserve [13][15].

Core Viewpoint - China General Nuclear Power Corporation (CGN) is currently not involved in nuclear fusion-related business and is focused on promoting market-oriented trading policies for nuclear power to ensure sustainable development in the industry [1] Group 1: Company Position - CGN is actively communicating with the national government and relevant provincial regions regarding market-oriented trading for nuclear power [1] - The company aims to accelerate the development of trading policies that cater to the characteristics of nuclear power [1] - CGN is committed to tracking the implementation of market-oriented trading plans for nuclear power and adapting to market changes to secure more electricity generation [1] Group 2: Industry Context - The company supports the establishment of a scientifically sound and reasonable national unified electricity market [1] - CGN is striving for increased output and full capacity operation of its nuclear power units [1]

Core Viewpoint - China General Nuclear Power Corporation (CGN) is currently not involved in nuclear fusion-related business and is focused on promoting market-oriented trading policies for nuclear power to ensure sustainable development in the industry [1] Group 1: Company Positioning - The company is actively communicating with national and regional authorities to accelerate the development of market-oriented trading policies specific to nuclear power [1] - CGN aims to secure more grid-connected electricity generation and strives for higher operational efficiency of its nuclear power units [1] Group 2: Industry Context - The company is closely monitoring the implementation of market-oriented trading schemes for nuclear power and is adapting to changes in market conditions [1] - CGN supports the establishment of a scientifically sound and reasonably unified national electricity market [1]

Core Viewpoint - Lanzhou Lanshi Heavy Equipment Co., Ltd. has experienced fluctuations in stock price and trading volume, with a notable increase in revenue but a significant decrease in net profit year-on-year [1][2]. Group 1: Stock Performance - On January 20, Lanzhou Lanshi's stock price fell by 2.06%, reaching 11.42 CNY per share, with a trading volume of 1.26 billion CNY and a turnover rate of 0.84%, resulting in a total market capitalization of 14.918 billion CNY [1]. - Year-to-date, the stock price has increased by 7.13%, but it has decreased by 5.54% over the last five trading days, increased by 14.20% over the last 20 days, and increased by 39.78% over the last 60 days [1]. Group 2: Company Overview - Lanzhou Lanshi was established on October 22, 2001, and listed on October 9, 2014. The company specializes in traditional energy chemical equipment, new energy equipment, industrial intelligent equipment, and energy-saving and environmental protection equipment [2]. - The revenue composition of the company includes traditional energy equipment (50.98%), metal new materials (16.65%), engineering contracting (12.09%), energy-saving and environmental protection equipment (8.59%), industrial intelligent equipment (6.49%), new energy equipment (4.13%), technical services (0.70%), and others (0.37%) [2]. Group 3: Financial Performance - For the period from January to September 2025, Lanzhou Lanshi achieved a revenue of 4.746 billion CNY, representing a year-on-year growth of 26.93%. However, the net profit attributable to shareholders decreased by 88.40%, amounting to 11.1964 million CNY [2]. - The company has distributed a total of 256 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 12.59% to 87,900, with an average of 14,863 circulating shares per person, which is an increase of 14.40% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 10.3569 million shares, an increase of 2.1535 million shares compared to the previous period [3].

Market Overview - The A-share market experienced upward volatility on January 19, 2026, with a slight decrease in trading volume, closing at 4114 points for the Shanghai Composite Index, up 0.29% [6][8] - The total trading volume for A-shares was 2.73 trillion yuan, down from 3.06 trillion yuan the previous day [6][8] - The technology sector showed continued rotation, with strong performance in specific sectors such as ultra-high voltage and aerospace [7][8] Bond Market Analysis - The government bond futures market mostly declined, with the 30-year main contract down 0.22% to 110.920 yuan [10] - The People's Bank of China (PBOC) conducted a 7-day reverse repo operation of 158.3 billion yuan at an interest rate of 1.40%, resulting in a net injection of 72.2 billion yuan [10] - The release of key economic data, including GDP figures, is expected to influence bond market prices, with a potential for further interest rate cuts in 2026 [10][13] Commodity Market Insights - The commodity market saw a majority decline, with notable drops in base metals, particularly tin, which fell by 5.98% [10] - Precious metals, particularly gold, reached new highs due to ongoing geopolitical tensions and expectations of further interest rate cuts by the Federal Reserve [10][11] - The recent adjustments in tin futures margin policies and ongoing conflicts in the Democratic Republic of the Congo are contributing to supply concerns, potentially keeping tin prices strong [10][11] Investment Themes and Opportunities - Key investment themes include AI applications, commercial aerospace, nuclear fusion, quantum technology, brain-computer interfaces, robotics, and consumer upgrades, all supported by government policies [11][13] - The brokerage sector is expected to benefit from increased trading volumes in the A-share market, which recently surpassed 3 trillion yuan [11][13] - The precious metals sector is likely to remain strong due to central bank purchases and geopolitical risks [11][13]

Core Viewpoint - Shun'an Environment has established itself as the most comprehensive supplier of HVAC and refrigeration products in the nuclear power sector in China since entering the field in 2008, and it is currently the only company in this sector with seismic analysis qualifications [2] Group 1 - The company has developed a complete product line for nuclear power HVAC and refrigeration [2] - The company is closely monitoring new trends in the nuclear power sector, including nuclear fusion, and actively participates in forward-looking research organized by relevant nuclear power enterprises [2] - The company's technical team attended an industry event to gain in-depth insights into new industry trends [2]

Core Viewpoint - The current rise in gold prices, which has increased by 52.06% in 2025 and over 5% this year, reflects a strong investment value and is driven by growing global macroeconomic uncertainties [1]. Group 1: Attributes Determining Gold Prices - Gold has three main attributes: monetary, financial, and commodity. The monetary attribute refers to gold's role as a general equivalent and its function as a central bank reserve, which has diminished but still exists as a counter to the US dollar [3]. - The financial attribute highlights gold as an investment asset, particularly through gold ETFs, which have lowered the entry barrier for investors and amplified price volatility [3]. - The commodity attribute pertains to gold's use in jewelry and technology, with demand increasing in countries like China and India due to economic growth [4]. Group 2: Historical Bull Markets in Gold - The first major bull market occurred from 1968 to 1980, where gold prices surged from $35/oz to $850/oz, a total increase of 2328.57% [8][10]. - The second bull market spanned from 2001 to 2011, with prices rising from $272.50/oz to $1921.15/oz, marking a 605.01% increase [11][15]. - Both bull markets were driven by significant challenges to the US dollar's credibility, with the first linked to economic crises and the second to the aftermath of the tech bubble and the financial crisis [10][15]. Group 3: Current Gold Bull Market Analysis - The current bull market began in 2022, with gold prices rising from $1614/oz to a peak of $4690.88/oz, a maximum increase of 190.64% [19]. - The primary driver of this bull market is the significant increase in gold purchases by central banks, which reached 456.9 tons in Q3 2022, a year-on-year increase of 404.30% [22]. - Central bank purchases have consistently outpaced other demand categories, indicating a shift in the gold market dynamics [23]. Group 4: Future Outlook for Gold - The total value of global central bank gold reserves is projected to exceed $3.93 trillion by the end of 2025, surpassing the total value of US Treasury holdings [26]. - Factors contributing to the ongoing demand for gold include the deterioration of US fiscal discipline, challenges to the US's international standing, and the potential decline of its technological edge [26][27]. - The current gold bull market is expected to last over ten years, with potential price increases comparable to historical bull markets, possibly exceeding 2000's 605.01% rise and approaching the 1970's 2328.57% increase [28].